Europe could face a decade of stagnation unless it makes big reforms and should heed the lessons of Japan, Bank of Canada Governor Mark Carney said on Tuesday as he highlighted Japan's bold moves to bolster growth.

Bank of Montreal has snagged David Jacobson, the U.S. ambassador to Canada, as its next vice chair. In his new role that begins in October, Mr. Jacobson will be responsible for building key customer relationships and business development.

TORONTO - The Toronto stock market surged ahead Tuesday following a long holiday weekend, boosted by strong gains in the gold and energy sectors.

Emergency crews have now contained crude oil leaking from a damaged rail car, according to a CP Rail spokesperson. The derailment happened this morning about 150 kilometres east of Saskatoon.

Three years of efforts to protect Canada's boreal forest have ended in failure as negotiations broke down over how much land to set aside for conservation.